USDCAD Rebound bias

A rebound Friday from just above 1,2714 support (off of 1.2725) has eased the downside forces from Thursday’s plunge through the 1.2897/2900 support area, resuming the positive tone from last week’s prior push above 1.2944 (that set an intermediate-term bull trend), shifting risks back higher for Monday.

The early May break above 1.2944 sets an intermediate-term bull trend.

For Today:

We see an upside for 1.2822; above opens risk up to 1.2929

But below 1.2753 aims for 1.2725/14.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 1.3125.

Higher targets would be 1.3347.

What Changes This? Below 1.2536 shifts the outlook straight to a bear trend.

Resistance and Support:

1.2822*

1.2929

1.2975**

1.2998/3000**

1.3055*

1.2753

1.2725/14

1.2629**

1.2581

1.2536**

4 Hour USDCAD Chart

USDJPY Bull theme intact

A probe below the up trend line from late March, but holding above the 108.73/62 support area (and critically above our key 108.52 level), to keep risks higher Monday.

The latter April push above 107.90 set an intermediate-term bull trend, BUT below 108.52 would neutralise this bull theme.

For Today:

We see an upside bias for 110.02/04 and to target 110.29 and 110.48.

But below 109.12 targets 108.73/62 and maybe for key 108.52.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 110.48.

Higher targets would be 111.48 and maybe 113.75.

What Changes This? Below 108.52 shifts the outlook back to neutral; through 106.59 is needed for a bear theme.

Resistance and Support:

110.02/04*

110.29*

110.48**

111.18*

111.48***

109.12

108.73/62*

108.52***

108.10

107.52

4 Hour USDJPY Chart

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